BTC: Wedge or ledge
BTC is trading within two interesting structures;
-A bearish descending triangle and a possible bullish falling wedge
-Multiple rejections at the 50 RSI mark indicating failure to establish lasting bullish momentum
-Multiple fakeouts signaling weakness
-ADX started picking up bearish momentum at the 20 mark
Waiting for a few more candles to see where the market will head to (as BTC can turn on the dime at any moment from catalysts).
A breakdown to lows around the 28,000 mark may confirm further weakness in price and invalidate the wedge.
[Disclaimer: This is for educational purposes only, trade at your own risk]
-A bearish descending triangle and a possible bullish falling wedge
-Multiple rejections at the 50 RSI mark indicating failure to establish lasting bullish momentum
-Multiple fakeouts signaling weakness
-ADX started picking up bearish momentum at the 20 mark
Waiting for a few more candles to see where the market will head to (as BTC can turn on the dime at any moment from catalysts).
A breakdown to lows around the 28,000 mark may confirm further weakness in price and invalidate the wedge.
[Disclaimer: This is for educational purposes only, trade at your own risk]
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